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A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model
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| Zeitschriftentitel: | Operations Research |
|---|---|
| Personen und Körperschaften: | , |
| In: | Operations Research, 54, 2006, 6, S. 1098-1109 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
Institute for Operations Research and the Management Sciences (INFORMS)
|
| Schlagwörter: |
| author_facet |
Xu, Xiaowei Hopp, Wallace J. Xu, Xiaowei Hopp, Wallace J. |
|---|---|
| author |
Xu, Xiaowei Hopp, Wallace J. |
| spellingShingle |
Xu, Xiaowei Hopp, Wallace J. Operations Research A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model Management Science and Operations Research Computer Science Applications |
| author_sort |
xu, xiaowei |
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Xu, Xiaowei Hopp, Wallace J. 0030-364X 1526-5463 Institute for Operations Research and the Management Sciences (INFORMS) Management Science and Operations Research Computer Science Applications http://dx.doi.org/10.1287/opre.1060.0336 <jats:p> This paper studies a one-shot inventory replenishment problem with dynamic pricing. The customer arrival rate is assumed to follow a geometric Brownian motion. Homogeneous customers have an isoelastic demand function and do not behave strategically. We find a closed-form optimal pricing policy, which utilizes current demand information. Under this pricing policy the inventory trajectory is deterministic, and a retailer sells all inventory. We show that dynamic pricing coordinated with the inventory decision achieves significantly higher profits than does static pricing. Furthermore, under oligopolistic competition we establish a weak perfect Bayesian equilibrium for the price and inventory replenishment game. We find the pricing equilibrium to be cooperative even in a noncooperative environment, but that inventory competition results in overstock and damages profits. Finally, we examine the trade-off between dynamic pricing and price precommitment and find that flexible pricing is still beneficial, provided competition is not too intense. </jats:p> A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model Operations Research |
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Institute for Operations Research and the Management Sciences (INFORMS), 2006 |
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Operations Research |
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| title |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_unstemmed |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_full |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_fullStr |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_full_unstemmed |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_short |
A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_sort |
a monopolistic and oligopolistic stochastic flow revenue management model |
| topic |
Management Science and Operations Research Computer Science Applications |
| url |
http://dx.doi.org/10.1287/opre.1060.0336 |
| publishDate |
2006 |
| physical |
1098-1109 |
| description |
<jats:p> This paper studies a one-shot inventory replenishment problem with dynamic pricing. The customer arrival rate is assumed to follow a geometric Brownian motion. Homogeneous customers have an isoelastic demand function and do not behave strategically. We find a closed-form optimal pricing policy, which utilizes current demand information. Under this pricing policy the inventory trajectory is deterministic, and a retailer sells all inventory. We show that dynamic pricing coordinated with the inventory decision achieves significantly higher profits than does static pricing. Furthermore, under oligopolistic competition we establish a weak perfect Bayesian equilibrium for the price and inventory replenishment game. We find the pricing equilibrium to be cooperative even in a noncooperative environment, but that inventory competition results in overstock and damages profits. Finally, we examine the trade-off between dynamic pricing and price precommitment and find that flexible pricing is still beneficial, provided competition is not too intense. </jats:p> |
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| author | Xu, Xiaowei, Hopp, Wallace J. |
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| author_sort | xu, xiaowei |
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| description | <jats:p> This paper studies a one-shot inventory replenishment problem with dynamic pricing. The customer arrival rate is assumed to follow a geometric Brownian motion. Homogeneous customers have an isoelastic demand function and do not behave strategically. We find a closed-form optimal pricing policy, which utilizes current demand information. Under this pricing policy the inventory trajectory is deterministic, and a retailer sells all inventory. We show that dynamic pricing coordinated with the inventory decision achieves significantly higher profits than does static pricing. Furthermore, under oligopolistic competition we establish a weak perfect Bayesian equilibrium for the price and inventory replenishment game. We find the pricing equilibrium to be cooperative even in a noncooperative environment, but that inventory competition results in overstock and damages profits. Finally, we examine the trade-off between dynamic pricing and price precommitment and find that flexible pricing is still beneficial, provided competition is not too intense. </jats:p> |
| doi_str_mv | 10.1287/opre.1060.0336 |
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| physical | 1098-1109 |
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| spelling | Xu, Xiaowei Hopp, Wallace J. 0030-364X 1526-5463 Institute for Operations Research and the Management Sciences (INFORMS) Management Science and Operations Research Computer Science Applications http://dx.doi.org/10.1287/opre.1060.0336 <jats:p> This paper studies a one-shot inventory replenishment problem with dynamic pricing. The customer arrival rate is assumed to follow a geometric Brownian motion. Homogeneous customers have an isoelastic demand function and do not behave strategically. We find a closed-form optimal pricing policy, which utilizes current demand information. Under this pricing policy the inventory trajectory is deterministic, and a retailer sells all inventory. We show that dynamic pricing coordinated with the inventory decision achieves significantly higher profits than does static pricing. Furthermore, under oligopolistic competition we establish a weak perfect Bayesian equilibrium for the price and inventory replenishment game. We find the pricing equilibrium to be cooperative even in a noncooperative environment, but that inventory competition results in overstock and damages profits. Finally, we examine the trade-off between dynamic pricing and price precommitment and find that flexible pricing is still beneficial, provided competition is not too intense. </jats:p> A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model Operations Research |
| spellingShingle | Xu, Xiaowei, Hopp, Wallace J., Operations Research, A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model, Management Science and Operations Research, Computer Science Applications |
| title | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_full | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_fullStr | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_full_unstemmed | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_short | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| title_sort | a monopolistic and oligopolistic stochastic flow revenue management model |
| title_unstemmed | A Monopolistic and Oligopolistic Stochastic Flow Revenue Management Model |
| topic | Management Science and Operations Research, Computer Science Applications |
| url | http://dx.doi.org/10.1287/opre.1060.0336 |